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Mid-Day Musings: Dillard's, Macy's, Target...


Don't let the action of the last three hours convince you of much of anything, in terms of sustainability.

Greetings from Nothingville, where I'm trying to reconcile my Tom Petty drawl with my desire to seem "uppercrust" enough during my first trip to the Hamptons tomorrow. My strategy consists of re-reading The Great Gatsby while smoking a corn-cob pipe. The locals are gonna love me! Other observations...

  • Speaking of the marriage of the deep South and Money, Little-Rock based Dillard's (DDS) is ripping today. The stock is recovering lost ground in the mid-20's after peaking at $40 during the gilded age of takeovers, back in the spring of aught-seven. There's no official news on the retailer.

  • You could fill Jay Gatsby's pool with the "M&A Candidate/Activist" stocks left for dead over the last month. Among the names floating on partially deflated rafts with DDS you can add: Macy's (M), Wendy's (WEN), Target (TGT) and, yes, my bouncing Gap (GPS).

  • Is the correction over? Will the tape be beaten back ceaselessly to the lows of last week? That doesn't seem to be today's business, Old Sport. Today's business is marking time until I can head out to the beach for gin fizzies, tennis with Daisy and perhaps some tequila with Todd-O and Dougie Kass.

Don't let the action of the last three hours convince you of much of anything, in terms of sustainability.

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No positions in stocks mentioned.

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